KFL - discount to diluted NAV

[COLIN]

Carmel strikes another win on MFT! Even the Carmel-sceptics must now be grudgingly accepting that she and her team have a happy knack of choosing winners. Sure, they will always have a few duds in their portfolios but I'm quite happy to be in her tent.

[KJ]

Must admit that I have followed her with some of my own investments-RYM,DGL,KFLWA-and have not been disappointed.IMO they do it pretty well.

[Ttops]

quote:Originally posted by KJ

Must admit that I have followed her with some of my own investments-RYM,DGL,KFLWA-and have not been disappointed.IMO they do it pretty well.

I followed PT. PT has RYM and MFT
I have to to agree with Colin. You can't help thinking some sceptics are about to accuse Carmel of ramping again. KFL must be about to crash and melt down.
TT

[Snow Leopard]

quote:Originally posted by Treetops

quote:Originally posted by KJ

Must admit that I have followed her with some of my own investments-RYM,DGL,KFLWA-and have not been disappointed.IMO they do it pretty well.

I followed PT. PT has RYM and MFT
I have to to agree with Colin. You can't help thinking some sceptics are about to accuse Carmel of ramping again. KFL must be about to crash and melt down.
TT

and I followed Carmel

[rmbbrave]

An investor with heart and sole
22 November 2006

Ace fund manager Carmel Fisher loves her job and tells Gareth Vaughan why.


For Carmel Fisher, Fisher Funds Management managing director, investing is not rocket science.

It is more about intuition and wearing out shoes.

She started Fisher Funds from her home in Devonport, Auckland, in 1998 with $17 million and one client. Her first employee was her husband. Today Fisher Funds has 13 staff managing more than $750 million for 15,000 clients from Takapuna offices with sweeping views of Rangitoto Island.

Fisher Funds is renowned for taking chunky stakes in growing companies and being long-term a shareholder. Jeweller Michael Hill International, in which Ms Fisher has invested since 1991, is a prime example.

"Because I liked shopping it was a concept that I could really relate to and so I bought a small shareholding. Then everything the company said they were going to do they delivered on over the next five years."

Today Fisher Funds owns 12.54 per cent of Michael Hill.

Then there is children's clothing retailer Pumpkin Patch, of which Fisher Funds holds 9.4 per cent.

"When Pumpkin Patch first came to the market, I had been buying Pumpkin Patch clothes for my girls for years. So it was easy," Ms Fisher, a mother of two daughters, aged eight and five, recalls. "I understood the story. I understood what made Pumpkin Patch clothes different and arguably better than other children's wear."

After an "ordinary" but "good" childhood in Lower Hutt, she completed a Bachelor of Commerce and Administration at Victoria University and got a job as a client adviser at sharebroking firm Francis Allison Symes as a 20-year-old in 1984. Though there were not many women in senior roles then, there were plenty working as client advisers.

"They have all the right attributes. They have empathy, and women generally make quite good investors," she says. "They're more patient, they're more loyal. They tend to hold on to investments, whereas men tend to trade a bit more so transaction costs eat away at the returns."

She was set to follow her father into accountancy. However, a presentation from a sharebroker in her final university year changed that. "It opened up a whole new world for me. It just seemed so exciting."

After university she wrote to sharebrokers and landed the Francis Allison Symes job. A stint at Prudential followed, where she set up an investment fund focused on small companies. It produced an 83 per cent return in year one.

"As a fund manager you actually get to put your money where your mouth is. So if you get it right you get credit for it.

"I think that is great. Nobody can ever take away your track record of picking great companies and I think that's very satisfying."

In 1994 she moved to Auckland to head up insurer Sovereign's funds management operation. Then in 1998, after giving birth to her first daughter, she set up Fisher Funds.

Husband Hugh quit his job of 18 years at Telecom to handle administrative issues for the new firm. After hiring a nanny, and with $17 million to manage for Sovereign, Fisher Funds was born.

"It actually helped in the early years of Fisher Funds to have both of us dependent on the success of the company," she says. "We didn't have any external income, so we had to perform and grow the fund."

The best thing about being her own boss is choosing who she works with, the flexible hours and making quick decisions. "And if we're successful then we benefit from that financially."

Investing is about intuition and deciding whether you believe a company's story and whether management has the ability to deliver on promises, she says. Fisher Funds follows an investment process called STEEPP. Each letter covers an investment criteria. S is for the strength of the business, T is track record, the first E is for earnings history, the second for earnings forecasts, the first P for people and the second for price.

"Because we're growth investors, not value investors, we're less sens

[shasta]

KFL ticking along nicely & closing at an all time high of $1.50.

Treetops - you hanging in there still?

Love or hate her Carmel's results do stack up!

[Ttops]

quote:Originally posted by shasta

KFL ticking along nicely & closing at an all time high of $1.50.

Treetops - you hanging in there still?

Love or hate her Carmel's results do stack up!

Hi Shasta
Yes still in but was tempted. There must be some trader's genes in me somewhere. I can't see anything better to go to for a conservative small investor like me. Maybe KFL has caught the BRM disease. Looking to be at a premium to disc. NAV. Does someone know something we don't. Carmel buying KFLWA recently seemed to suggest she does. So I'm hanging in.
TT

[COLIN]

I must admit to having had some doubts about the wisdom of Carmel hanging onto MHI in the current supposedly difficult climate for retailers, particularly those in the area of discretionary spending but, dash it all, she appears to have demonstrated her astuteness yet once again.
And most of her other investments seem to be going well, overall. And the combined prices of the heads and warrants are still at a discount to NAV - unlike the crazy BRM/BRMWA situation.

[KJ]

I guess,being a large shareholder, that they have access to much better information on how the coy is trading,than the rest of us.

[Caesius]

I remember my Physics teacher telling me that KFL will be heading north soon. This was when they were trading at 90c.

Should have listened